Shettima calls for maximisation of Africa's Blue Economy projected for $405 billion

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Shettima calls for maximisation of Africa's Blue Economy projected for $405 billion



Lagos, May 31, 2024

The Vice President of Nigeria, Mr Kashim Shettima on Thursday called for the maximisation of Africa's blue economy projected to hit $405 billion by 2030.

Shettima made this call in Lagos during the 2024 International Maritime Conference, Reginal Maritime Exercise and Maritime Exhibition among other activities.

ReelzzNewzz24 reports that the topic for the conference was titled: "Secured Maritime Environment: A Panacea for Unlocking Africa's Blue Economy Potentials" 

The vice president represented President Bola Tinubu during the conference in celebration of the 68th Anniversary of the Nigerian Navy.

According to Shettima, the blue economy is estimated to be worth more than $1.5 trillion per year globally and is projected to increase to $15.5 trillion by 2050.

"The Africa blue economy strategy estimates that the blue economy generates nearly 300 billion dollars for the continent, creating 49 million jobs in the process

"Therefore, we all have a role to play to maximise the potential of this industry," he said.



Shettima said that the attainment of a vibrant nation rested on a flourishing blue economy which also relied on the dedication of a progressive Naval force to create the enabling Maritime environment.

"The evolution of the Nigerian Navy in addressing threats within the maritime domains and it's partnership with other local and international maritime emergencies underscores the essence of this gathering.

"The Nigerian Navy has been a critical pillar in promoting the blue economy in Africa through international cooperation and maritime sphere," the vice president said.

He said that the choice of topic provided the ideal platform for stakeholders to achieve the mechanism for collaborative action against maritime crimes in Africa.

"The topic also encapsulates the major objectives of the United Nations Sustainable Development Goals 14, the beginning of Africa's integrated Maritime strategy 2050 and a key target of Africa's agenda 2063.

"The wealth of Africa can never be realised unless we prioritise the protection and development of our maritime environment," the vice president said.



Shettima commended the foresight of the Nigerian Navy in expanding the country's maritime prospects through partnerships across African navies and coast guards.

"Our commitment includes the expansion of the marine and blue economy sector to contribute significantly to the nation's Gross Domestic Product (GDP) 

"Our promise to meet the needs of the Nigerian Navy is rooted in our understanding of it's critical role in achieving national order.

"We shall continue to support regional and international collaborations as well as the partnership efforts of the Nigerian Navy to provide the enabling environment for Africa's blue economy to thrive," he said.

Shettima said that successes recorded in anti-crude oil theft, served as incentive to ensure that the infrastructure and technologies at the disposal of the Nigerian Navy were of the highest sophistication.

"This has contributed immensely to the higher production oil level that we have seen," he said.

The vice president commended the Chief Of Naval Staff (CNS) Vice Adm. Emmanuel Ogalla for the success recorded so far.

Shettima added that the successes would not have been possible without the dedication of the Minister of State for Defence, Mr Bello Matawalle in creating a safe and secure environment for economic growth and prosperity. 




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